gold silver Fed Bondyields Gold, silver down amid strong greenback, rising bond yields
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A still-hawkish Federal Reserve is keeping the metals market bulls squelched. The Fed's Open Market Committee statement Wednesday afternoon initially was viewed as less hawkish. The U.S. central bank raised its main Fed funds rate by 0.75%, to 4.0%, as expected. The FOMC statement said the Fed will take into consideration the health of the U.S. economy after its recent"cumulative tightening." The markets initially read that statement as leaning less hawkish on U.S.
The key outside markets today see the U.S. dollar index very sharply higher. Nymex crude oil prices are lower and trading around $89.00 a barrel. The 10-year U.S. Treasury note is yielding 4.149%. Technically, the gold futures bears have the solid overall near-term technical advantage. Prices are in a longer-term downtrend on the daily bar chart. Bulls' next upside price objective is to produce a close above solid resistance at $1,700.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $1,600.00. First resistance is seen at today's high of $1,643.20 and then at $1,650.00.
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